Embattled Sahara Group on Friday said the Securities Appellate Tribunal (SAT) has stayed an order from markets regulator Securities and Exchange Board of India (Sebi) which directed Sahara Mutual Fund to wind up its schemes.
The next hearing will be on 26 April, Sahara Group said in a statement. In an order passed last week, Sebi had asked Sahara Mutual Fund to wind up all its schemes. All schemes, except one, had to be wound up by 21 April. However, the fund house was allowed to continue its Sahara Tax Gain Fund’ till 27 July but without accepting any new investor. This particular scheme had to be wound up by 27 August 27, as per Sebi’s directive.
